With every technological advancement, scammers will always find a way to take advantage of unsuspecting persons. The same applies to the current advent of cryptocurrency and the blockchain network.
There are currently a lot of crypto scams used by cyber-criminals to scam innocent investors of their cryptocurrency. If you do not stay on guard and watch out for their tricks, you might fall victim too.
Thankfully, the Coin Return Group has conducted a Review and highlighted some crypto scams you must be aware of before investing. The Coin Return Group aims to educate investors on how best to keep their coins safe. They also utilize their connections within the blockchain to recover your crypto if stolen.
That’s why they’ve shared with us five crypto scams to be aware of before investing.
5 Crypto Scams To Be Aware Of Before Investing
The best thing to do when faced with an email or text message requesting to perform a crypto transaction on a suspicious site is to double-check the legitimacy and security of the area before completing any transaction.
With this scam, the scammers pose as a trusted site or source to make unsuspecting investors perform transactions using them. They could pose as credit card providers, your bank, government authorities, etc., to make you lose guard. If you become a victim of these scammers, you might be able to use the assistance of Canadian crypto lawyers to identify where your money have been moved and even ensure that the exchanges freeze your accounts which the scammers used.
Social Media Crypto Scams
These scams involve social media promotions on cryptocurrency investments. These can be very deceiving as they tend to look actual and backed up with comments and reviews. Investors eager to make quick money can easily fall for this as they usually promise high returns.
Another form these scams could take is hacking celebrities’ social media accounts and asking for investments or pretending to double the coins sent to them. These are scams, so avoid them.
Ponzi Schemes Or Coin-Doubler Crypto Scams
These can be carried out on social media, via emails, texts, etc. The primary identity of these scams is the promise of a high return for little investment or a commitment to double the value of any amount sent to them. Greedy investors tend to fall for these, ultimately losing their funds.
Load-Up Crypto Scams
Load-up crypto scams require you to give your wallet or account details with the promise to invest and trade with it and subsequently give you a percentage of the returns. Don’t fall for this! The scammers will only withdraw all the funds in your trading account and make away with it.
Your login details are personal to only you. Don’t provide them to anyone else, no matter how trustworthy they appear.
Business Opportunity Cryptocurrency Scams
The best way to identify these scams, according to the experts at Coin Return Group, is to make an unsolicited offer. The scammers will send you business or investment opportunities that seem too good to miss.
You are then directed to a suspicious site that probably has fake testimonials on how the investment truly works. All these are fake! Once you invest in whatever scheme they set up, you can kiss your coins goodbye.
Stay alert to keep your crypto safe, but if you get cheated or scammed, the Coin Return Group is a sure means to recover your stolen or lost crypto back. Report stolen funds immediately.